Home buying tips for Newly Weds
Congrats to the newlyweds! If you and your partner are looking to make your first huge purchase together as a newlywed couple, you’ll want to get as much information as you can before you start shopping.
Buying your first home as a couple is a major commitment and requires careful consideration. Whether it’s a house in the nearby province, a townhouse in urban area, or a condo close to the business district, an effective buying strategy and a good amount of fun when buying your first home together is really a recommendation that all starting couples may consider.
Read on these tips you need to keep in mind as you start on your new phase of life.
- Owning is better than Renting
Planning on owning a house can be your biggest investment decision as newlyweds. Always remember that getting a home loan and paying for it monthly is better than renting a space monthly which can’t be yours. Compare home loans available to help you save money in the long term. Besides, now that you are married, both you and your new spouse can help each other out with the monthly payments!
- Evaluate Financial Situation
As with other buying situation, it is always wise to look at your overall money status before any major purchasing. Have a price range and a maximum price. Talk with your spouse and make an honest evaluation of your individual and joint financial situations, and create a budget to know all your expenses. This will allow you to build your budget and determine the type of property you can afford.
- Set and determine your priorities.
Knowing you and your partner’s priorities is the first step in shopping for a home. Determine what size and design of you and your partner prefers for a home. You may choose a large multi-family home if you are looking forward to have a big family, while couples with no kids may want a smaller home.
You should also know the kind of neighborhood in which the home is located. For some couple it is a neighborhood with short commutes to business districts and other commercial areas. Others are looking for houses with a set number of bedrooms and bathrooms. Other concern will be finding areas where crime rates are low. Those home buyers who are conscious with the nature/environment might be looking for homes with solar energy or enough yard space for gardens. Regardless of one’s priorities, it is a must and it is very important for shoppers to make a list of what is significant to them and then narrow their search accordingly.
- Research, research, research
Do an in-depth research on which property fit you and your partner’s requirements. A number of different real estate listing sites that collect information on properties for viewing online is already available. This information includes pictures of the property and statistics on the amount of space that you may use for garden, the internal floor layout and space, as well as the potential price of the home. Other also includes crime statistics, ratings on local schools, unemployment ratings, all pertaining to the neighborhood where the home is located.
Home shoppers should also research information on traffic conditions in the area, as well as whether the property is under a homeowners association. Prospective buyer should visit the place to take a look at the house and to check out the community on person. Asking to potential neighbors and obtaining information is critically vital also to making a sound decision as to which property to purchase. Lastly, it is also a must for a buyer to check the maintenance and construction history of the house. Purchasing a house only to find that it is of very low quality is one of the worst nightmares for home buyers.
Work with A Qualified Real Estate Agent
Hiring a qualified real estate professional can help in a smooth home search and home-buying process for newlyweds. A qualified real estate agent can provide practical advice as well as give you numerous descriptions and overviews of various communities and their amenities. Agents help you in planning how to weigh the benefits of different housing options and help you decide how to negotiate for the best price.
All newlyweds desire for success and security. Through hard work, smart and right investments, and by working harmoniously together, you and your spouse can achieve all your dreams!